Kazakhstan to equate base and official refinancing rates
Baku, Azerbaijan, March 6
By Elena Kosolapova – Trend:
The official refinancing rate will equal the base rate in Kazakhstan starting from April 1, 2017, Kazakh National Bank said in a message March 6.
The corresponding decision was made by the National Bank.
In future, any changes in the base rate will lead to simultaneous change of the official refinancing rate.
The bank noted that this decision is aimed at equalization of money value in different segments of the economy.
Currently, the cost of money in the money market depends on the base rate, which is 11 percent since Feb. 20.
Meanwhile the official refinancing rate (5.5 percent), which is used while calculating fines and lost profits, does not reflect the real value of money, according to the bank.
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